Louisville’s economic development is in top gear and driving in the fast lane. Since January, nearly $170 million in investments + 800 new jobs have been committed to the city. Just call us Fast and the Furious Derby City Drift.
On Monday, Gov. Andy Beshear + Mayor Greg Fischer shared these figures at Quadrant International, a rare earth magnet manufacturer investing millions of dollars in the 502, at the company’s location on Plantside Drive.
Mayor Greg Fischer said that the unemployment rate in Louisville is below pre-pandemic numbers + nearly 100% of the jobs lost during the pandemic have been recovered.
We’re just getting started in 2022 as the Mayor also shared that last year the Louisville Forward team worked on projects that totaled $946 million in planned investment and commitments to create 4,000+ jobs here locally.
Now let’s break down the future investments of the four companies that the Kentucky Economic Development Finance Authority has awarded preliminary approval for economic incentives to so far this year. Learn more about economic incentives + the most common types here.
Since 2001, Quadrant has operated a hub in Louisville and now plans to open its first mass production facility in the US here as well to produce magnets used in electric vehicles, consumer electronics + appliances.
Investment: $95 million+
Jobs created: 200 full-time
This international provider of DNA sequencing services is planning a new manufacturing facility to supply reagents used for virus detection.
Investment: $35.7 million
Jobs created: N/A
Confluent Health, a network of physical and occupational therapy companies, is relocating + expanding its headquarters to the 502.
Investment: $10 million
Jobs created: 350 full-time
As a subsidiary of Kroger Co., this company is opening a new e-commerce spoke facility to expand Kroger’s fresh grocery delivery services + support its high-tech customer fulfillment center in Ohio.
Investment: $4.1 million
Jobs created: 161 full-time
DYK: Kentucky’s average incentivized hourly wage for statewide projects in 2021 was $24 before benefits, a 9.4% increase from 2020.